OPEC meeting ‘might be one of the worst since 2011’ amid differences over supply

The forthcoming meeting between OPEC and non-OPEC oil producers, including Russia, could be one of the most fractious in recent years with competing interests and demands at play, according to oil market experts. OPEC’s production policy will dominate the agenda when the world’s major oil producers meet in Vienna on June 22, with arguments expected over whether to increase production or maintain supply as it is. Saudi Arabia and Russia are reportedly ready to increase oil output while others like Iran and Iraq are against such a move. As such, the discussions might not be pretty, the head of commodity research at Commerzbank told CNBC Thursday. “It might be one of the worst OPEC meetings since 2011,” Eugen Weinberg told CNBC’s “Squawk Box Europe,” explaining that the differences in opinion over production could cause problems. An OPEC meeting in 2011 was marked by infighting between members and disagreements over […]